A Diesel pump is pictured at a gasoline station in Muelheim on the Ruhr, Germany, on Sunday.

.

Under a deal agreed between the Organization of the Petroleum Exporting Counties and other producers including Russian Federation and Azerbaijan, a grouping known as OPEC+, output cuts of 9.7 million barrels bpd should take effect from May.

"The decline in more liquid futures contracts reflects the broader problem we have in the oil market - severe oversupply in 2Q", said Staunovo.

There were also signs U.S. output is beginning to fall - the Energy Information Administration said American crude production fell slightly to 12.2 million barrels per day last week.

USA oil prices crashed to the negative territory for the first time in history on Monday, fueled by pandemic-related demand shock and oversupply fears.

"The storm for oil isn't over but at least for the time being it is less volatile than the headline-grabbing moves of the last few days", notes Carlo Alberto De Casa, chief analyst at ActivTrades, but added that in the long-term he sees the need for further production cuts from the Organization of Petroleum Exporting Countries (OPEC) and others.

There are also plenty of supplies from the Middle East with no buyers as "freight costs are high", he said.

"With storage facilities filling up fast, particularly at the WTI pricing point, Cushing, there are fears that there will be nowhere to store it". Keep comments relevant to the article. Final decision will be at the discretion of the Taipei Times.

Sony to reveal "compelling PS5 games lineup" soon
He added that it's "really exciting to be seeing the console market push forward the high-end PC market in this way". It's is meant to bring all the games that are directly developed by Sony's first party studios under one roof.

Hailey Bieber slams plastic surgery accusations
After an Insta user low-key accused Hailey of messing with her face, Hailey fired back to set the record straight. Hailey is quite surprised by the result when she looked in the mirror after about 10 minutes without seeing one.

Trump Rips Sessions Amid Former AG's Senate Run
Sessions was the first US senator to endorse Trump, donning a Make America Great Again hat at an Alabama rally. Tuberville and Sessions got the two top spots in the late-March GOP primary, vying to unseat Democratic Sen.

Drug touted by Trump as virus treatment increases death risk
The findings: Those given the drug alone had a 34% increased risk of dying and a 137% increased risk of heart arrhythmias. A similar study is underway in the United Kingdom , to see if the medicine can protect medical personnel from infection.